Mortgage Rates Today: Lowest Rates All Year
Mortgage rates are the lowest they've been all year. According to Freddie Mac, the 30-year fixed rate has dropped 15 basis points since early January and is now 6.76%. The 15-year fixed interest rate is down 19 basis points since the beginning of the year and is 5.94%. Home loan rates tend to follow the 10-year Treasury yield, which has been decreasing for the last week and a half.
- This slight decrease in interest rates could provide an opportunity for borrowers to refinance existing mortgages or take advantage of lower rates when purchasing a home, potentially leading to increased economic activity.
- Will this temporary drop in mortgage rates have a lasting impact on the housing market, particularly if inflation remains high and the Federal Reserve keeps interest rates low?